TR Property Investment Trust announces strong market outperformance

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TR Property Investment Trust, the longest-standing and largest property equity investment fund, has released robust performance figures in its half-yearly report, while also announcing the intention to unify and simplify the fund’s two share classes.

Under current structures, the trust operates two shares classes - Ordinary and Sigma shares - with performance figures showing an outperformance of 1.3 per cent and 2.2 per cent of the NAV against respective benchmarks.

In addition to this, an increase in interim dividends of 10.4 per cent (Ordinary) and 10.5 per cent (Sigma) have also been announced, highlighting continued strong market performance.

Marcus Phayre-Mudge, fund manager of the TR Property Investment Trust, says: “These figures are encouraging, with our continued focus on quality - both of assets and balance sheets - being a significant driver in performance. Bottom-up stock selection is vital, as certain individual companies and property market sectors lead the way, irrespective of wider property market trends.”

The trust has decided to merge both Ordinary and Sigma share classes into one single offering, pending a shareholder vote on 14 December, which will result in a single, larger Ordinary share class.

“The investment environment has changed vastly since we originally launched the Sigma share class in July 2007,” says Phayre-Mudge. “There is an ever-increasing need for size and liquidity in our market offering. We believe that unifying the portfolios will enhance the trust’s overall investor appeal.”